September 06, 2023 (MLN): The profitability of Kot Addu Power Company Limited (PSX: KAPCO) plummeted by almost 60% YoY, as it reported a net profit of Rs3.96bn [EPS: Rs4.5] for the year ended June 30, 2023, down from Rs9.89bn [EPS: Rs11.24] in the previous year.
Along with the results, the company also announced a final cash dividend of Rs5 per share i.e. 50%.
This is in addition to the interim dividend already paid at Rs3.5 per share i.e. 35%.
Going by the results, the company's top line fell by 81.38% YoY to Rs25.44bn as compared to Rs136.6bn in FY22.
The cost of sales also fell to Rs26bn in FY23 as compared to Rs128.07bn in SPLY, but was not enough to offset the substantial sales decline, due to which the company incurred a gross loss of Rs568.85 million as compared to a gross profit of Rs8.53bn in FY22.
During the review period, other income expanded by 25.56% YoY to stand at Rs15.84bn in FY23 as compared to Rs12.62bn in SPLY.
On the expense side, the company observed a decrease in Administrative expenses by 13.73% YoY while the other expenses surged by 4.9x YoY to clock in at Rs842.58m and Rs1.36bn respectively during the review period.
The company’s finance costs expanded by 42.99% YoY and stood at Rs6.25bn as compared to Rs4.37bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs2.86bn against the Rs5.63bn paid in the corresponding period of last year, depicting a fall of 49.19% YoY.
| Unconsolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 25,435,312 | 136,599,624 | -81.38% |
| Cost of sales | (26,004,159) | (128,067,519) | -79.69% |
| Gross Profit | (568,847) | 8,532,105 | – |
| Administrative expenses | (842,579) | (976,701) | -13.73% |
| Other Income | 15,843,925 | 12,618,768 | 25.56% |
| Other expenses | (1,360,293) | (277,451) | 390.28% |
| Finance cost | (6,252,898) | (4,373,107) | 42.99% |
| Profit before taxation | 6,819,308 | 15,523,614 | -56.07% |
| Taxation | (2,860,551) | (5,629,994) | -49.19% |
| Net profit for the period | 3,958,757 | 9,893,620 | -59.99% |
| Basic earnings/ (loss) per share | 4.5 | 11.24 | – |
Amount in thousand except for EPS
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Posted on: 2023-09-06T13:53:40+05:00
